Summer Employment May Come With Tax Credits
This summer, certain employers may benefit from federal tax credits for employing qualified summer youth employees. The Work Opportunity Tax Credit (WOTC) …
The Long Read: Advising Clients on New Corporate Minimum Tax
By Shannon Christensen and Joseph Boris The 15% corporate alternative minimum tax in the recently signed Inflation Reduction Act of …
Key Guidance to Watch for in IRS’ 2022-2023 Plan Year
The IRS has received many recommendations ahead of the release of its regulatory to-do list through summer 2023. The agency …
Security Summit Produces Sample Written Information Security Plan for Tax Professionals
The Security Summit—a partnership between the IRS, state tax agencies and the tax industry—has released a 29-page document titled “Creating …
Lawmakers Seek Review of Political Group’s Church Status
A group of congressional Democrats has called for a review of a conservative advocacy group’s tax-exempt status as a church, …
Big Four Firms, AICPA Report Lobbying on Federal Contractor Conflicts Bill
A bill to implement new conflict-of-interest safeguards for federal contracting drew the attention of lobbyists at the AICPA and three …
Tax Court Orders IRS to Produce Unredacted Record in Whistleblower Suit
The U.S. Tax Court ordered the IRS to file unredacted copies of a taxpayer’s returns in a whistleblower case. The …
Scholars Differ on Possible Impact of High Court’s EPA Ruling
Following the Supreme Court’s ruling that U.S. government agencies can’t impose sweeping policy-driven regulations without explicit congressional approval, law professors …
Procedures for Change to Taxable-Substance List Issued
The IRS has issued procedures for additions to and removals from the list of substances subject to Superfund chemical taxes. …
IRS Collected Over $245 Million in 2021 Via Whistleblower Tips
The IRS collected more than $245 million as a result of whistleblowers’ tips, for which it made 179 awards totaling …